MANILA, Philippines -- The Philippine central bank seized on new figures indicating the country's banks are doing more corporate lending to suggest that the worst of the country's severe credit crunch is over. Some economists and analysts, however, say it's too early to draw that conclusion.

Credit growth in December increased 1.5% month to month, the largest monthly increase since the beginning of 1998, the government announced Monday. Central bank Gov. Gabriel Singson says the credit crunch already may have bottomed out,...